Convergence of IFRS and US GAAP
Convergence of IFRS and US GAAP

Author: Malieka Farah Deeba Malik

Publisher: LAP Lambert Academic Publishing

Published: 2011-01

Total Pages: 72

ISBN-13: 9783843388603

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The main idea behind this paper is to highlight the background and current movements of International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) toward convergence of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). Subsequent to introductory chapter the second chapter discusses the historical perspectives describing the various events that shaped the IASB and FASB current efforts towards convergence of IFRS and US GAAP. The third chapter describes the strategies policies and procedures adopted by the IASB/FASB to achieve the goal for international accounting convergence. The focus is on the maintainability of investors' interest and integrity of capital markets that can only be achieved by observing methods required for high quality accounting standards. Fourth chapter identifies the substantive differences and similarities between IFRS and US GAAP and catalogue those differences in which a specific accounting treatment is permissible under one basis of accounting standards but not permissible under the other.

IFRS and US GAAP
IFRS and US GAAP

Author: Steven E. Shamrock

Publisher: John Wiley & Sons

Published: 2012-03-08

Total Pages: 230

ISBN-13: 1118239067

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A practical comparison of—and expert guidance on—IFRS and GAAP written by a practicing controller International Financial Reporting Standards (IFRS) are used in over 120 countries. US companies will inevitably encounter IFRS when evaluating the financial health of suppliers and customers. IFRS and US GAAP: A Comprehensive Comparison provides instruction in accounting under IFRS within the context of US accounting standards. Practical and easy-to-use, this book includes a case study of a first time IFRS adoption, emphasizing the much greater degree of professional judgment that is needed for IFRS. Provides a heavy emphasis on practical examples Includes an online companion website with downloadable spreadsheets and templates Reflects current financial reporting trends Addresses accounting requirements of which today's auditors, accountants and preparers of financial reports need to be aware Clarifying IFRS, its impact on US companies, and where to start in understanding it, IFRS and US GAAP prepares US accountants to be knowledgeable with day to day financial accounting issues using IFRS's substantial similarity with US GAAP as a context.

Globalisation of Accounting Standards
Globalisation of Accounting Standards

Author: Jayne Maree Godfrey

Publisher: Edward Elgar Publishing

Published: 2007-01-01

Total Pages: 344

ISBN-13: 9781782542704

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In this book, Jayne Godfrey and Keryn Chalmers explore the intricacies of the globalisation of accounting standards - arguably one of the most significant business developments of the wider globalisation process during the past two decades. They examine the key issues and implications of this harmonization of accounting standards from the perspectives of a diverse range of worldwide stakeholders. "Globalisation of Accounting Standards" shows that globalisation approaches differ significantly because countries seek to maintain varying degrees of sovereignty over their regulations. International differences in economic, political, legal, religious and social characteristics also affect globalisation approaches and, in turn, influence national accounting standard-setting agendas. The book explores why countries relinquish their existing national accounting standard-setting regimes to join the global movement. It also seeks to resolve questions such as: To what extent are national incentives altruistic, economic, political or social? Who are the winners and losers in the process? This authoritative book is thoroughly researched and expertly informed. Written by both academics and regulators, it tackles a critical and controversial issue in the globalisation movement. As such, it will be of great interest to a wide-ranging audience including: international, national, private and public sector standard-setters, economic regulators, accounting academics and political economists and strategists.

The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting
The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

Author: Francesco Bellandi

Publisher: John Wiley & Sons

Published: 2012-05-07

Total Pages: 847

ISBN-13: 0470977124

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An indispensable guide to making the transition to dual IFRS/GAAP financial reporting U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards—most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards. Takes an operating approach to the implementation and application of the dual standards Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance Defines systemic changes businesses will need to make to accommodate IFRS standards Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other Explores the strategic impact of structuring a company for IFRS transition In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals.

Convergence Guidebook for Corporate Financial Reporting
Convergence Guidebook for Corporate Financial Reporting

Author: Bruce Pounder

Publisher: John Wiley & Sons

Published: 2009-03-03

Total Pages: 291

ISBN-13: 0470464208

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As a result of the global convergence of financial reporting standards, U.S. GAAP is changing profoundly. U.S. GAAP is also being abandoned by many public and private companies, and will eventually be replaced by a higher-quality set of global standards. The Convergence Guidebook for Corporate Financial Reporting provides the timely, practical guidance that CFOs, controllers, and other financial managers need in order to prepare for the impact of Convergence on their companies, departments, and careers. Guidebook readers will also learn why they must begin preparing for "the next big challenge in corporate financial reporting" now.

IFRS Convergence
IFRS Convergence

Author: Arif Ahmed

Publisher: Wiley

Published: 1991-01-08

Total Pages: 0

ISBN-13: 9781118343708

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The practical guide to merging GAAP and IFRS in the new accounting environment IFRS Convergence is a practical guide to implementing various requirements under International Financial Reporting Standards. With detailed discussion of every standard, this book provides a workable blueprint for incorporating IFRS requirements into current accounting practices without major procedural upheaval. Readers will gain a deeper understanding of the standards and their accepted interpretations, and find expert tips that highlight the finer points to facilitate everyday application. Designed as a resource for both new and more seasoned professionals, the book's concise approach and focused explanations make it a useful ready reference for all stages of the convergence process. The book will not only be helpful for organisation adopting IFRS for the first time, but will also be a great guide for implementing the changes and new standards for IFRS compliant organisations. More than a hundred countries have adopted IFRS, and that number continues to grow. In the U.S., uncertainty surrounding the IFRS adoption process has placed greater importance on familiarity with the standards, and accounting professionals are increasingly expected to have implementation ability. IFRS Convergence clarifies the standards from the viewpoint of implementation issues, providing a valuable reference that helps readers to: Understand key concepts of convergence and the scope of the issue Learn how convergence will affect accounting treatments, presentation, and disclosure Study a model accounting policy under each IFRS Improve their understanding on practical implementation issues through tips and tricks capsules Find explanations and interpretations of major IFRS-related definitions Collaboration between the U.S. and international boards is gradually erasing the boundaries between IFRS and GAAP. Convergence efforts are continually underway, and accounting professionals are under pressure to remain up to date on the latest standards and practices. IFRS Convergence provides the interpretations, explanations, and actionable guidance professionals need to stay current.